The Internet of Things (IoT), also called the Internet of Everything or the Industrial Internet, is a new technology paradigm envisioned as a global network of machines and devices capable of interacting with each other. The IoT is recognized as one of the most important areas of future technology and is gaining vast attention from a wide range of industries. The true value of the IoT for enterprises can be fully realized when connected devices are able to communicate with each other and integrate with vendor-managed inventory systems, customer support systems, business intelligence applications, and business analytics.